1. Field of the Disclosure
The present disclosure generally relates to online and/or mobile payments and more particularly to a modular device payment system.
2. Related Art
More and more consumers are purchasing items and services over electronic networks such as, for example, the Internet. Consumers routinely purchase products and services from merchants and individuals alike. The transactions may take place directly between a conventional or on-line merchant or retailer and the consumer, and payment is typically made by entering credit card or other financial information. Transactions may also take place with the aid of an on-line or mobile payment service provider such as, for example, PayPal, Inc. of San Jose, Calif. Such payment service providers can make transactions easier and safer for the parties involved. Purchasing with the assistance of a payment service provider from the convenience of virtually anywhere using a mobile device is one main reason why on-line and mobile purchases are growing very quickly.
The use of phones and other user devices for making online and/or mobile payments is growing rapidly, as traditional payment devices such as cash and credit cards are being replaced by wireless payment systems that allow the user to use their phone or other user device to transmit payment information to a merchant device of a merchant in order to complete a purchase.
Traditionally, phones have been provided by manufacturers to users as an integrated device that must be entirely replaced when one or more components fail or become obsolete. However, recently the concept of a modular phone has been proposed, which provides a modular phone frame to which different modular components of the phone may be attached (e.g., a screen module, a battery module, a storage module, a camera module, a speaker module, etc.) The use of modular components, along with the provision of a modular component ecosystem that allows for phone manufacturers and third party suppliers to provide users with modular components, allows a user to replace modular components rather than the entire phone when one of the modular components on the phone fails or becomes obsolete.
The concept of the modular phone provides for several advantages in online and/or mobile payments via phones and/or other user devices that are described in detail below.
Embodiments of the present disclosure and their advantages are best understood by referring to the detailed description that follows. It should be appreciated that like reference numerals are used to identify like elements illustrated in one or more of the figures, wherein showings therein are for purposes of illustrating embodiments of the present disclosure and not for purposes of limiting the same.